The Success Formula

The Success Formula

Every year, hundreds of thousands of businesses are started. Most will fail, some will muddle along, and a few will thrive. Which ones thrive, and why? The reason some businesses experience spectacular sales and profit growth from the start isn’t because they had a lot of money at the beginning. Their fast growth can be attributed to the fact that they were put together the right way.

In every instance, the founders either had or acquired the experience and knowledge they needed to startup and run the business. They recognized what their weak points were, subsequently nurtured alliances, and acquired the skills they needed to start their company off right. They also understood how the various parts of the business fit together to form a total structure and knew that if one part was missing, the total structure would break. For example, they knew that a successful sales plan is directly dependent upon support from the marketing and promotional plans, and that the strategic business plan acts as the glue that holds all the subplans together so that they work in concert.

DEVELOPING IDEAS

Clever product and service ideas are a dime a dozen. Everybody has one, and most of them never get implemented. The successful entrepreneur starts with a basic idea. This idea is first tested to staying power. Can it be used to grow a customer base, and will it be profitable? The pseudo-entrepreneurial itch often ends before the basic idea gets tested. Studies show that a high percentage of people who open new businesses do so because they are frustrated with their current job. They’ll jump into any business venture that comes along without first checking it out. Ninety percent of this group will go out of business in their first year.

Those that make it are smart enough to recognize the symptoms of their emotional state. They are acutely aware that they may be in a vulnerable position. As a result, they may hang on to the security of their current job and start a business on the side. They’ll make the move to become a full-time entrepreneur when the time is right for them and after they have thoroughly checked out their business venture ideas. There are three basic concepts to keep in mind as you develop and refine your business start-up ideas.

Be Creative

The opposite of creativity is rigidity. Entrepreneurs are not rigid in their thinking. If you cling to the old ways of doing things because “that’s the way we have always done it,” you’ll never come up with the new solutions that are demanded by today’s small businesses. To test your creative ability, practice finding ways to tie together seemingly unrelated ideas.

Understand Every Problem

You must have a clear understanding of what it is you are trying to achieve and be able to identify the obstacles that stand in your way. Break each problem down so that you understand it and know what you need to do to eliminate it. For example, the problem may be that you need more space. Why do you need more space, and what are the alternatives? An alternative may pose a new set of problems, but if they reduce the magnitude of the original problem, the alternative may be a more viable option.

Brainstorming

When you come up with a solution to a problem, brainstorm the solution with as many qualified people as you can find to avoid judging your own answer. Accept modifications that make sense, and be prepared to replace the solution with a totally new and better alternative. The key to the brainstorming process is to be objective. Brainstorming is an excellent way to come up with a new set of ideas for new products, services, or improvements that could accelerate the growth of your business.

PMC's
training is great and practical. i have gained a lot of new perspective on how i
can be a better and more "gutsy" salesperson after attending the training. i
will strongly recommend PMC's trainings to my colleagues and friends so that
they can benefit from the trainings too.Mike